PNC Financial Services Group Inc. Purchases 77 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

PNC Financial Services Group Inc. increased its position in Paylocity Holding Co. (NASDAQ:PCTY) by 2.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,156 shares of the software maker’s stock after acquiring an additional 77 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Paylocity were worth $630,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PCTY. JPMorgan Chase & Co. increased its holdings in shares of Paylocity by 81.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after purchasing an additional 385,625 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Paylocity by 283.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock worth $51,101,000 after purchasing an additional 229,057 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Paylocity by 297.6% during the 3rd quarter. Victory Capital Management Inc. now owns 119,560 shares of the software maker’s stock worth $19,724,000 after purchasing an additional 89,487 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Paylocity by 113.6% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 96,406 shares of the software maker’s stock worth $15,904,000 after purchasing an additional 51,276 shares during the period. Finally, FMR LLC increased its holdings in shares of Paylocity by 19.3% during the 3rd quarter. FMR LLC now owns 272,764 shares of the software maker’s stock worth $44,998,000 after purchasing an additional 44,118 shares during the period. Institutional investors own 94.76% of the company’s stock.

Insider Activity

In other news, Director Steven I. Sarowitz sold 3,083 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $200.73, for a total transaction of $618,850.59. Following the sale, the director now directly owns 8,335,347 shares of the company’s stock, valued at $1,673,154,203.31. This represents a 0.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 7,083 shares of company stock valued at $1,420,041 over the last three months. 21.91% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on PCTY. Mizuho upgraded shares of Paylocity from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $200.00 to $235.00 in a report on Friday, January 31st. Citigroup raised shares of Paylocity from a “neutral” rating to a “buy” rating and increased their price target for the stock from $214.00 to $231.00 in a research report on Thursday, January 16th. Piper Sandler reissued an “overweight” rating and issued a $254.00 price target (up previously from $212.00) on shares of Paylocity in a research report on Thursday, February 6th. KeyCorp increased their price target on shares of Paylocity from $220.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, UBS Group increased their price target on shares of Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $233.25.

Paylocity Stock Performance

NASDAQ PCTY opened at $189.96 on Wednesday. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $223.80. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $201.57 and a 200-day moving average of $190.83. The firm has a market cap of $10.62 billion, a price-to-earnings ratio of 48.71, a PEG ratio of 4.49 and a beta of 0.94.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. On average, equities analysts forecast that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

Paylocity Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.